All Forum Posts by: James Wesley

AWK! yeah, those increases will kill REI in Dallas!!

Hi all,

I recall a podcast talking about the best anchors to buy near (I.e. hospital, higher education) since they're solid organizations that won't evaporate and will always need housing for their employees and/or patients and students. What other business anchors do you also take into consideration for small MF's 2-4) or SFs?

Cheers! James

Looks like this was sold 11/30/2018 for $390k:

https://www.zillow.com/homedetails/2000-E-6th-St-Vancouver-WA-98661/23236438_zpid/

Hi there, just to let you know that you address in your post has WA as the state so you may not be getting the traffic that you're expecting.

Cheers, James

I am not in KC, but only 1% growth in your assumptions just feels low to me. Sort of surprising too that the property value is only going from $85k year 1 to $114k year 30 (based on growth assumptions). 

Just double/triple check your numbers and bounce rent prices off of several sources to be certain (Craigslist, Padmapper, Zillow, Rentometer, etc.). 

Cheers!

Yeah, Excel can be a simple tool to keep things straight (search on formulas to help customize it). I also use OneNote to manage everything for each building (contact info, leases, etc.) which allows it to be available online from anywhere and any device.

Knowing the area is key. Get familiar with Philly and how neighbourhoods are transforming. Couple of key anchors to try to buy around are Universities and Hospitals. Those are solid economic anchors. Keep finding properties and plugging them into the calculator...this will get you aware of the property values that work for you.

Each door. Yep, pre-approved to use the HELOC as down payment. It would be temporary use of those fund as I'd cash-out refi the duplex and pull that have into the HELOC.

Great point Karl which is something I didn't consider. And now looking into it the Primary owner must live in one of the units. Good call! So, that leaves it to getting a zoning variance with the city...unsure of that process and time to execute. Hmmmmm….

It actually shouldn't be any different than when I converted my livable basement space in my house into a rentable unit. Just need to break out the electrical panel and break out heat as well. The square footage is the key here though making sure I don't go over 1000 sf.